Ethics and governance in the European Financial centers

The Wort has reported that members of the Chambre des Députés in Luxembourg are today in Paris to meet their colleagues in order to support the financial center of Luxembourg by discussing what they think is misunderstanding.

Their concern is not to correct the reason why Luxembourg is perceived a a tax haven, banking secrecy and law tax being not determining in themself.

What is determining is the deep culture of professionals and politicians as expressed by the head of the ABBL :
- former head Lucien Thiel, for whom it is not the duty of the center to verify is the taxpayer was honest : he is one of the delegates in Paris,
- current head Jean-Jacques Rommes, for whom when clients are committing fraud it is not the banker who started : but the banker was helpful to commit fraud and went even further by proposing a scam through the jurisdiction of Panama.

They definitely never ever repudiated the recurrent behaviour of Luxembourg bankers in favor of fraud and foreign fraudsters.

Recurrent, as demonstrated the German TV and more recently the Belgian TV.

And this is the way the center have been growing for years. The use of secrecy to commit fraud as well as the abusive use of secrecy for actions of obstruction to justice.

This is the reason why Luxembourg is definitely a "tax haven". Not because of banking secrecy and low taxes. But because of a business culture on the field with one single rule : business over ethics.